Question

How do I solve this?:A store manager uses a markup rate of 24% on all appliances. Find the cost of a coffeemaker that sells for $77.50. Use the formula S= C+r•C, where S is the selling price, C is the cost, and r is the markup rate.

Answer 1

Use the formula S= C+r•C

where S is the selling price

C is the cost

and r is the markup rate

Given

S= $77.50

r = 24%

Then we substitute into the formula

`\begin{gathered} 77.50=\text{ C+0.24}* C \\ 77.50=\text{ C+0.24}C \\ 77.50=\text{ C+0.24}C \\ 77.50=1.24C \\ \text{divide both sides by 1.24} \\ (77.50)/(1.24)=(1.24C)/(1.24) \\ \\ C=62.50 \end{gathered}`

The cost of a coffeemaker is $62.50